Cryptocurrency News

NBA Team Introduces Ethereum Based Auction Platform for the Sports Memorabilia Industry worth US $ 5.4 Billion

Sacramento Kings, the NBA five , banded together with ConsenSys, the main Ethereum (ETH) advancement studio, to present a substitution sell off stage that handles direct inventory of pack for sports games. They utilize a store network item called Treum.

All items auctioned will be authenticated using platforms supported by the Ethereum blockchain, to create a transparent audit trail of product history and related transactions. This will ensure that fans get original NBA gear.

Basketball fans can take part in the direct auction of the equipment worn in the game during Kings home games. The platform is currently available through the website and through the Sacramento Kings + Golden 1 Center application. The application was launched on January 15, 2020 when Kings faced off against the Dallas Mavericks in Sacramento.

Buddy Hield Shooting Guard Kings T-shirt was auctioned during the match whose proceeds were donated to the ongoing Badai Dorian assistance program. All other results from future auctions are reported and managed by the Sacramento Kings Foundation.

Bradley Feinstein, Head of ConsenSys Business Development, also points out that the Ethereum blockchain is increasingly being used to promote greater transparency by allowing users to verify important information accurately.

The market capitalization of the US sports memorabilia industry reaches $ 5.4 billion per year, but there are no standards set to authenticate products and protect fans from buying counterfeit goods.

Sacramento Kings and ConsenSys aim to increase the potential for resale of goods that are authenticated through the secondary market. Anyone can participate in the direct auction, which runs on match day, starting right before the tip-off until 11:59 p.m. The highest bidder will get the equipment authenticated, and will be marked and verified. They will also receive digital tokens which will serve as proof of ownership and as a Certificate of Authenticity.

The token will also make an official record of the items needed and function as an audit trail that moves from one owner to another. The auction winner will be the sole owner of the token, which will contain time stamped, encoded, and verified data related to the game, season, and player.

The platform will keep a record of the origin of goods and the authenticity of merchandise using Treum, a product supported by ConsenSys that allows users to develop trust with their customers through transparency, traceability, and selling power.

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